Economy Saudi GDP grows 8.8% in Q3 2022 on higher oil activities Saudi Arabia’s real gross domestic product (GDP) grew by 8.8 percent year-on-year in the third quarter of 2022, on higher oil activities, according to a report released by the Saudi General Authority for Statistics (GASTAT). Real GDP grew 2.1 percent quarter-on-quarter. Oil activities rose 14.2 percent year-on-year and 4.5 percent quarter-on-quarter in the third quarter […] December 12, 2022
Banking and Finance Mubadala looks to long-term goals as it forecasts ‘tough’ 2023 The chief executive of Abu Dhabi state investor Mubadala said on Saturday that 2023 would be a tough year for the global economy, but that the fund would be focused on opportunities serving a longer horizon. “If I look at the one-year horizon, yes 2023 is going to be tough… with more headwinds than tailwinds […] December 11, 2022
Opinion Banking and Finance How fintechs can play a vital role in removing the migrant tax In addition to their key role in remittance services, fintechs can help migrants stay connected to their country of origin, providing a platform to make investments in their home country December 9, 2022
Banking and Finance Qatar may take part in Indian payment firms’ $1bn funding drive Indian digital payments firm PhonePe is planning to raise up to $1 billion from existing investors, which includes Qatar Investment Authority, Bloomberg reported, citing informed sources. The other investors are General Atlantic, Tiger Global Management and Microsoft Corporation. The all-equity round will likely close in the next two weeks and may take Walmart-backed PhonePe’s valuation […] December 9, 2022
Economy Cyprus approves balanced budget with expenditure of $9bn in 2023 Cyprus on Thursday approved the island’s 2023 budget, the last of the government of incumbent centre-right President Nicos Anastasiades who will step down after elections in February. The 56-member House of Representatives voted for the budget with a government-backed majority. It puts spending at €8.456 billion ($8.89 billion) on revenue of 8.452 billion. Lawmakers of […] December 9, 2022
Banking and Finance Credit Suisse raises ‘milestone’ $2.4bn in revamp cash call Credit Suisse on Thursday hailed a “milestone” in its turnaround plan after raising 2.24 billion Swiss francs ($2.39 billion) as part of a 4 billion franc cash call. Shareholders exercised 98.4 percent of their subscription rights, giving a boost to managers tasked with getting the Swiss bank back on track after the biggest crisis in […] December 9, 2022
Banking and Finance Pakistan seeks $4.2bn from Saudi Arabia amid forex crunch Pakistan has sought $4.2 billion from Saudi Arabia after foreign exchange (forex) reserves reached a critically low level, ARY News reported, citing sources. Finance minister Ishaq Dar requested Saudi Arabia to urgently provide a $4.2 billion package to Pakistan, sources added. The government will buy oil and fertilisers worth $1.2 billion from Saudi Arabia on […] December 9, 2022
Markets KFC Mena franchisee set for first GCC dual listing next week Americana Restaurants, the Middle East and North Africa franchisee of KFC and Pizza Hut, will list on the Abu Dhabi Securities Exchange (ADX) and the Saudi Exchange (Tadawul) next Monday, the two bourses said in statements on Friday. According to a circular issued by ADX, the shares will be listed on the exchange under the […] December 9, 2022
Economy Egypt inflation rises to 5-year high of 18.7% in November 2022 Egypt’s annual urban consumer inflation rate surged to a five-year high of 18.7 percent in November, closely matching analyst expectations, data from the statistics agency CAPMAS showed on Thursday. The inflation figure, up from 16.2 percent in October, was the highest since December 2017, when it hit 21.9 percent. The price rises followed a currency […] December 9, 2022
Economy Dubai approves 2023-25 budget with a spend of $56bn Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum approved the spending of AED 205 billion ($55.81 billion) between 2023 and 2025. The emirate will spend AED 67.5 billion ($18.38 billion) next year, with revenues expected at AED 69 billion, implying a surplus of AED 1.5 billion. Oil revenues will represent only about five percent of […] December 9, 2022
Analysis Economy Saudi and China sign 34 deals on first day of President Xi’s visit Saudi and Chinese companies signed 34 investment agreements on Wednesday as President Xi Jinping started his visit to the kingdom. The agreements further bolstered trade between the countries which last year exceeded Riyadh’s with the US and Europe combined for the first time. Bilateral trade between Saudi Arabia and China totalled SAR304 billion ($81 billion) in […] December 8, 2022
Banking and Finance Turkey will soon receive $5bn deposit from Saudi Arabia Saudi Arabia will place a $5 billion deposit at Turkey’s central bank “within days,” the kingdom’s finance minister, Mohammed Al-Jadaan, said on Wednesday. “It will happen soon. The decision was taken between us and Turkey,” he told reporters, saying discussions were on remaining details and the deposit could happen “within days.” “There is great improvement […] December 8, 2022
Banking and Finance UAE telco e& ups stake in Vodafone Group to 11% UAE telecommunications major Emirates Telecommunications Group Company (e&) has increased its stake in Britain’s Vodafone Group. The state-owned telco currently holds more than three billion shares in Vodafone, representing 11 percent of Vodafone’s issued share capital, excluding treasury shares, it said in a statement published on the Abu Dhabi Securities Exchange (ADX). In May, e& […] December 8, 2022
Markets Seven African stock exchanges launch integration project Seven African stock exchanges launched an integration project in Ivory Coast on Wednesday to facilitate cross-border trading of securities on the continent. The initiative, called the African Exchanges Linkage project, includes the stock exchanges of Nigeria, Mauritius, Morocco, South Africa, Kenya, Egypt, and West Africa. Ghana’s and Botswana’s will join in a later phase. The […] December 8, 2022
Markets Turkey’s MNG Airlines to list on New York Stock Exchange Turkey’s MNG Airlines will list on the New York Stock Exchange through a merger with Golden Falcon Acquisition Corp, a special purpose acquisition company (SPAC), the Turkish cargo carrier said on Wednesday. The merger has a pro-forma enterprise value of $676 million, and has been approved by the boards of both the companies, MNG said […] December 8, 2022
Banking and Finance Egypt expects approval of $3bn IMF package next week Egypt is expecting approval of a new $3 billion extended fund facility package from the International Monetary Fund (IMF) next week, deputy finance minister Ahmed Kouchouk said on Wednesday. Egypt’s finances remain fragile despite two major currency devaluations this year and the IMF package, which was announced in October as Egypt pledged to shift to […] December 8, 2022
Banking and Finance Israeli bank regulator predicts profit slowdown after 2022 gains Israeli bank profits will slow somewhat next year after a robust 2022, the country’s banking regulator said. Big profits have angered some consumers who say fees for basic services like deposits and withdrawals are too high and banks have not raised rates on deposit accounts quickly enough. Israel’s top five banks posted combined net profit […] December 8, 2022
Banking and Finance Saudi central bank governor says monetary conditions ‘reassuring’ Saudi Arabia’s central bank governor said that the country’s monetary conditions are “reassuring” due to prudent monetary policy and that its banking sector enjoyed good liquidity. In a statement, Governor Fahad Almubarak said that the Saudi Central Bank would continue to manage foreign exchange reserves based on “balanced investment policies”. He noted that despite the […] December 8, 2022
Economy Saudi 2023 surplus to narrow amid global uncertainty Saudi Arabia expects to post a second consecutive budget surplus in 2023, though down 84 percent from this year as an uncertain global economic outlook and lower crude prices look set to weigh on the top oil exporter’s revenues. The kingdom approved a SAR 1.114 trillion ($296 billion) budget for 2023 on Wednesday, forecasting a […] December 8, 2022
Analysis Banking and Finance Global fintechs target Dubai but Mena expansion still elusive Dubai is seeing elevated levels of interest from fintech companies based in Singapore, southeast Asia and Asia-Pacific as the emirate builds its status as a regional hub. Dubai International Financial Centre said that during the first nine months of 2022, the number of fintech and innovation firms joining DIFC exceeded the total for the whole […] December 8, 2022
Economy UAE’s non-oil foreign trade hits record high of $159bn The UAE’s non-oil foreign trade reached AED583 billion ($159 billion) in the third quarter of this year – a record in any financial quarter for the country. The figure represents an 11 percent increase on Q2 2022 and a 23 percent rise from the same period last year. “Importantly, our Q3 exports hit AED97 billion […] December 7, 2022
Banking and Finance Saudi firms partner to boost SME involvement in supply chains Banque Saudi Fransi has formed a tie-up with Saudi Aramco-backed fintech firm Lamaa pledging to develop products and services to aid supply chain management and cut costs. Under a memorandum of understanding signed on Wednesday, the two companies agreed to collaborate to develop, evaluate and launch “supply chain solutions” that will streamline the process for […] December 7, 2022
